Bristol-Myers Squibb Co. (AAA/Negative/A-1+) announced that it plans to eliminate 1,000 jobs, bringing its total workforce to roughly 45,000, as the company continues to streamline its operations to focus on its pharmaceutical business. The reduction is in addition to the previously announced layoff of 2,000 employees at the recently acquired pharmaceutical operations of DuPont. The company said that further layoffs over the near-term remain a possibility. Bristol-Myers has recently closed on its $4.95 billion sale of its Clairol hair care business to Procter&Gamble. Standard&Poor's said that the layoffs and related subsequent charges do not have an impact on its current ratings and outlook on New York City-based Bristol-Myers.
